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Ms. Sheela Horne purchases a residential rental property in September 2023 for $685,000. Of this...

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Accounting

Ms. Sheela Horne purchases a residential rental property in September 2023 for $685,000. Of this total, $142,000 is paid for the land and $543,000 is paid for the building. She immediately spends $35,000 to make major improvements to the building. Gross rents for 2023 are $17,200, while rental expenses other than CCA total $15,100. This is the only rental property owned by Ms. Horne.
Determine the net rental income before CCA.
Determine the maximum CCA available to claim before considering rental income in 2023.
Determine Ms. Horne's minimum rental income for the year.

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